These types of flashes are all but antiquated nowadays. They're big, they're heavy and the smaller flashes like the Nikon SB28DX, 80DX, Canon 550EX etc are pretty good nowadays. These flashes DO swivel and bounce.
The only reasons why someone would want to use something like this is:
1. As a weapon. Instantly blinds your target. Or can use it to whack your target.
2. Places with extraordinarily high ceilings.
3. You are using ISO 100 film, ceiling is like 3 storeys high and you want to shoot f/8.
Regards
CK